As home loan rate change announcements start to flow through, there is a unique opportunity to either lock in a lowish fixed rate, or switch banks for a better deal

There have been comprehensive moves by many banks raising home loan rates.

And this is not just for variable rates; fixed hates have been on the move at some banks and are likely to change at many others too over next few weeks.

Banks that have made variable rate change announcements have all given about two weeks notice before they become effective at the higher rates.

So that opens an opportunity to assess whether now is a good time to either switch banks, or switch from variable to a fixed rate.

After all, financial markets are pricing is another +25 bps rate hike by the RBA in May. And international money is becoming more expensive as investors seek risk premiums for US fiscal irresponsibility.

Comparing bank mortgage rate offers can be tricky. Advertised rates usually vary from effective rates because of the fees involved. And effective rates depend on your loan balance.

You can compare rates using our clever mortgage rate table by setting your loan amount, and the type of loan you have (owner-occupier or investor, P&I or interest-only, and your specific LVR).

However, here is an effective rate comparison for one common profile (owner-occupier, PII, and a 70-80% LVR. It will give you an idea of how useful our clever rate table can be.

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This table assumes (*) the +25 bps variable rate hike has been passed through. After all, you are thinking about what you should do, so it makes sense to know what the rate is about to become. But it shows what the current fixed rate options are. Some banks have made changes recently, others haven't - yet. So this is where the opportunities lie.

The table is only for a $670,000 loan (the current national average, per RBA data), owner-occupier, P&I, 70-80 LVR. Your situation will be different, so use our rate table.

But it does show the range of variability in effective rates between banks, making a switch potentially beneficial.

And it does show that at some banks, a switch now from variable to fixed may not result in material savings, but at others it could result in substantial savings.

Do not use this table to make a decision; rather use it to narrow your focus to do a proper comparative for your individual circumstance. After all, the is the main advantage of a good comparison table.

And remember to consider the possibility of another May 2026 RBA rate hike of +25 bps. It's no certainty, but the financial markets think it highly likely.